• SafeMoon price has unraveled a bearish outlook given by the governing descending triangle chart pattern.
  • SAFEMOON could be at risk of a 50% plunge should it fall below $0.00000187.
  • However, a close above $0.00000255 could see the reversal of fortune materialize.

SafeMoon price has formed a bearish chart pattern that suggests the token is headed for a big move to the downside. The diminishing volume has not worked in favor of the bulls, and a lower low for SAFEMOON could signal a 50% drop.

SafeMoon price paints bearish outlook

SafeMoon price appears to be trading within a descending triangle pattern, presenting an outlook geared for a move lower. The lackluster trading volume adds credence to the bearish outlook, as SAFEMOON has seen diminished interest.

The governing technical pattern suggests that SafeMoon price could be heading for a 57% decline measured from the base of the triangle, targeting $0.00000108 as SAFEMOON has already sliced below the lower trend line of the chart pattern. This would be a 50% move to the downside from the current price.

Moving forward, SafeMoon price may see a retest of support at the swing low at $0.00000187 before the aforementioned target materializes. The creation of a lower low could confirm that SAFEMOON is at risk of a hefty decline.

SafeMoon price appears to have scarce support, but given that the trading volume has subsided, the token could be saved if selling pressure does not increase. A spike in selling pressure could push SAFEMOON lower toward the 127.2% Fibonacci retracement level at $0.00000077.

SAFEMOON

SAFEMOON/USDT daily chart

Chances for SafeMoon price to witness a reversal of fortune is minimal, as the first resistance is seen at the 20-day Simple Moving Average (SMA) at $0.00000255, coinciding with the horizontal trend line given by the descending triangle pattern.

Further hurdles are seen not very far from the first obstacle, given by the 78.6% Fibonacci retracement level at $0.00000275, before the next resistance at the diagonal trend line, which meets the 50-day SMA at $0.00000292. 

SafeMoon price could continue to move to the downside as it consolidates unless the bulls step in. For now, buyers are nowhere to be found, suggesting that SAFEMOON could see its price action muted in the near term.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP